Welcome to my monthly newsletter.
Tax season continues. Visit the website www.larosacga.ca to get your tax checklist and view past newsletters. Here’s a few things to consider this month.
Tax Filing Dates
April 30th, personal tax returns due.
June 15th, personal tax returns due for those that are self-employed but any taxes payable are due by April 30th. Same is true for your annual HST filing.
US Citizens in Canada
If you are a US citizen living/working in Canada, you must still file a US tax return and report your world-wide income by April 15th, (June 15th with available extension but US taxes payable if any are due by April 15th.)
Tax Refunds for a fee
Some tax preparers offer tax refunds upon filing your return, for a % of your refund.
With E-file and direct deposit, you can get your refund within a couple of weeks. Is it really worth giving up part of your refund to get it a couple of weeks earlier?
CRA is phasing out cheques by April 2016 and asking people to sign up for Direct Deposit. You can do this when filing your return and get your refund quicker.
CRA, My Account
Register for My Account on the CRA web site to access your tax information on line, such as your notice of assessment and statement of a/c, now and in the future.
Corporations can register for My Business Account to access their tax information.
Tax Credits often missed
Ensure you are familiar with all the tax credits available and that you claim the ones that you qualify for. Some like Public transit, Home buyers, Disability, Tuition, Ontario Trillium benefit & Senior property tax grants are often missed by self-filers.
Divorced with Children
Only one parent can claim certain credits for children. Sometimes both parents try to claim the same credit because they do not communicate. This could result in both claims being denied. Talk before you file and avoid losing credits.
Request for receipts
If you get a request to submit receipts for a deduction that you claimed, be sure to respond within 30 days. Ignoring it will result in CRA disallowing the deduction. Easier to deal with it on first request than to deal with it after assessed.
I hope you find this general information helpful. Please consult with your accountant or myself if you have any questions.
This material is provided for general information and is subject to change without notice. Please consult with your professional advisor before you act on any of the above information to ensure it’s right for you.